## Statements

EFTA00200811

OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Financial Summary 3

Your Portfolio Holdings ... 4

## What’s In This Statement

Transaction Detail ... 6

Fund Activity 6

Your Messages 8

# JEFFREY EPSTEIN

C/O FINANCIAL TRUST COMPANY

ATTN JEANNE BRENAN

6100 RED HOOK QUATER B-3

ST THOMAS VI 00802







Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



JEFFREY EPSTEIN



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 30, 2004 |

| :--- | :--- |

THROUGH December 31, 2004

STATEMENT PERIOD December 1, 2004

Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>4,559,197</td></tr><tr><td>NET CREDIT BALANCE</td><td>9</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>434,776</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$4,993,982</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>4,748,242</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>245,740</td></tr><tr><td colspan="2">*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.</td></tr></table>

There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account.

Market Value of Your Portfolio

If any information regarding 2004 interest, dividends, miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099 will be mailed to you by January 31, 2005 or a 1042Sby March 15, 2005.

Please report any difference or non-receipt of checks or stocks, indicated as delivered to you, to Client Services at 800-634-1428; or write to Client Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859.

## Important Message

This summary is for informational purposes only. It is not intended as a tax document.

This statement should be retained for your records. See reverse side for important information.

027 01/01/05:09:18 001

EFTA00200812



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




2 of 8


Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT BACKER IS PRINTED ON THIS PAGE

027

V867

EFTA00200813



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

3 of 8

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$3,540.00</td></tr><tr><td>Money Fund</td><td>592.82</td></tr><tr><td>Dividends/Interest</td><td>17,687.41</td></tr><tr><td>Amount Credited</td><td>$18,280.23</td></tr><tr><td>Money Fund</td><td>-21,811.11</td></tr><tr><td>Amount Debited</td><td>$-21,811.11</td></tr><tr><td>Net Cash Activity</td><td>-3,530.88</td></tr><tr><td>Closing Balance</td><td>$9.12</td></tr></table>

Income Summary

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Dividends</td><td>18,271.11</td><td>105,627.30</td></tr><tr><td>Credit Balance Int.</td><td>9.12</td><td>852.52</td></tr><tr><td>Total</td><td>$18,280.23</td><td>$106,479.82</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>434,785</td></tr><tr><td>Equities</td><td>4,559,197</td></tr><tr><td>Total</td><td>$4,993,982</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>3,540.00</td><td>9.12</td></tr><tr><td>Net Cash Balance</td><td>$3,540.00</td><td>$9.12</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD December 1, 2004

THROUGH December 31, 2004

JEFFREY EPSTEIN

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | November 30, 2004 |

| :--- | :--- |

Your Portfolio Allocation

EFTA00200814



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



4 of 8

JEFFREY EPSTEIN

## Your Portfolio Holdings

## CASH & CASH EQUIVALENTS

STATEMENT PERIOD December 1, 2004

<table border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td><td>CURRENT YIELD(%)</td></tr><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>9</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST,30 DAY AVG YIELD 2,0100%</td><td>DICXX</td><td>434,776.19</td><td>1.0000</td><td>434,776</td><td>7,391</td><td>1.7000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$434,785</td><td>$7,391</td><td></td></tr></table>

THROUGH December 31, 2004



ACCOUNT NUMBER



| LAST STATEMENT | November 30, 2004 |

| :--- | :--- |

TAXPAYER NUMBER On File

## EQUITIES

## Equities & Options

The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the Firm’s Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: O = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell. The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice. Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons.

Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost. Customers can access this research at www.bearstearns.com or can call (800) 517-2327 to request that a copy of this research be sent to them.

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CANHORN CHEMICAL CORP</td><td>CNCPF</td><td>CASH</td><td>19</td><td>Unpriced</td><td></td><td></td><td></td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>14.6500</td><td>29,300</td><td></td><td></td></tr></tbody></table>

027



01/01/05;09:18 001


EFTA00200815



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY




Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



5 of 8

Equities & Options (continued)

## Your Portfolio Holdings (continued)

JEFFREY EPSTEIN

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>GLENBOROUGH REALTY TRUST INC<br>BSC RATING: STOCK P/SECTOR MW<br>SABRIENT SYSTEMS, L,L,C.<br>RATING: S</td><td>GLB</td><td>CASH</td><td>2,000</td><td>21.2800</td><td>42,560</td><td>2,800</td><td>6.5789</td></tr><tr><td>GLUMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>27.7100</td><td>55,420</td><td>3,846</td><td>6.9397</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>12.8300</td><td>128,300</td><td>8,400</td><td>6.5472</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST<br>SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>46.0000</td><td>92,000</td><td>5,760</td><td>6.2609</td></tr><tr><td>JOHNSON&amp; JOHNSON<br>BSC RATING: STOCK P/SECTOR MW<br>BUCKINGHAM RESEARCH RATING: B</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>63.4200</td><td>3,665,676</td><td>65,892</td><td>1.7975</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>23.4000</td><td>46,800</td><td>2,600</td><td>5.5556</td></tr><tr><td>WTS LUCENT TECHNOLOGIES INC<br>EXP 12/10/2007</td><td>LUTHW</td><td>CASH</td><td>235</td><td>1.5800</td><td>371</td><td></td><td></td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES<br>INC</td><td>PNP</td><td>CASH</td><td>436</td><td>62.7000</td><td>27,337</td><td>946</td><td>3.4605</td></tr><tr><td>PENINSYLVANIA REAL ESTATE<br>INVESTMENT TRUST-SBI</td><td>PEI</td><td>CASH</td><td>1,794</td><td>42.8000</td><td>76,783</td><td>3,875</td><td>5.0467</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>32.2500</td><td>387,000</td><td>20,160</td><td>5.2093</td></tr><tr><td>SIRIUS SATELLITE RADIO INC<br>BSC RATING: STOCK P/SECTOR MW<br>ATLANTIS RESEARCH RATING: B</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>7.6500</td><td>7,650</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$4,559,197</td><td>$114,279</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,559,197</td><td>$114,279</td><td></td></tr></tbody></table>

STATEMENT PERIOD December 1, 2004

THROUGH December 31, 2004



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 30, 2004 |

| :--- | :--- |

027



01/01/05;09:18 001


EFTA00200816



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



6 of 8

JEFFREY EPSTEIN

## Your Portfolio Holdings (continued)

STATEMENT PERIOD December 1, 2004

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$121,670</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$4,993,982</td></tr></table>

THROUGH December 31, 2004



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 30, 2004 |

| :--- | :--- |



Transaction Detail


## INVESTMENT ACTIVITY

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>12/10/04</td><td></td><td>JOURNAL</td><td>WTS LUCENT TECHNOLOGIES INC<br>EXP 12/10/2007<br>DUE 12/10/07<br>CLASS ACTION SETTLEMENT</td><td>LUTHW</td><td>235</td><td></td><td></td><td></td></tr></tbody></table>

## MONEY FUND ACTIVITY

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>12/01/04</td><td></td><td>OPENINGBALANCE</td><td></td><td>412,965.08</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>12/01/04</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>3,540</td><td>1.0000</td><td>3,540.00</td><td></td></tr><tr><td>12/01/04</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td></td><td>592.82</td></tr></table>

027



01/01/05;09:18 001


EFTA00200817



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

7 of 8

JEFFREY EPSTEIN

STATEMENT PERIOD December 1, 2004

## **Transaction Detail** (continued)

THROUGH December 31, 2004

## MONEY FUND ACTIVITY (continued)

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | November 30, 2004 |

| :--- | :--- |

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>12/01/04</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>592.82</td><td></td><td>592.82</td><td></td></tr><tr><td>12/21/04</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>17,678.29</td><td>1.0000</td><td>17,678.29</td><td></td></tr><tr><td>12/31/04</td><td></td><td>CLOSINGBALANCE</td><td></td><td>434,776.19</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-21,811.11</td><td>$592.82</td></tr></tbody></table>

## DIVIDENDS

<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE ($)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>12/07/04</td><td>JOHNSON &amp; JOHNSON<br>REC 11/16/04 PAY 12/07/04</td><td>JNJ</td><td>57,800</td><td>0.2850</td><td></td><td>16,473.00</td></tr><tr><td>12/15/04</td><td>PAN PACIFIC RETAIL PROPERTIES<br>INC<br>REC 11/26/04 PAY 12/15/04</td><td>PNP</td><td>436</td><td>0.5425</td><td></td><td>236.53</td></tr><tr><td>12/15/04</td><td>PENNSYLVANIA REAL ESTATE<br>INVESTMENT TRUST-SBI<br>REC 12/01/04 PAY 12/15/04</td><td>PEI</td><td>1,794</td><td>0.5400</td><td></td><td>968.76</td></tr><tr><td colspan="6">TOTAL</td><td>$17,678.29</td></tr></tbody></table>

027



01/01/05;09:18 001


V867

EFTA00200818



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

8 of 8

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD December 1, 2004



INTEREST


THROUGH December 31, 2004



ACCOUNT NUMBER



TAXPAYER NUMBER On File

<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE (%)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>12/21/04</td><td>INTEREST ON CREDIT BALANCE<br>ACCT AT 01,37880% 11/21 - 12/20</td><td></td><td></td><td></td><td></td><td>9.12</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$9.12</td></tr></tbody></table>

| LAST STATEMENT | November 30, 2004 |

| :--- | :--- |

## Your messages



Florida residents who own, manage, or control stocks, bonds, money market or mutual funds having a value of $250,000 or more for individuals or $500,000 for married couples filing jointly must pay a tax on these items, called "Intangible Tax", by June 30 to avoid increased penalties. For Tax Returns and information, call the Department of Revenue at 1-800-352-3671.



As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (800) 289-9999 or via the internet address which is www.nasdr.com. In addition, a brochure explaining the Public Disclosure Program is available from the NASD upon request.





******* End of Statement*******


027



01/01/05;09:18 001


V867